Mid-April.
Following Chen Pingsheng's decision for major companies to quickly find ways to save themselves,
Bobo Milk Tea was the first to make a move, deciding to sell all stores that had sustained losses for three consecutive months.
If no buyer could be found, the stores would close within a month.
Not only was Bobo Milk Tea closing stores, but other businesses were making similar choices.
Each opted for a "survival by amputation" strategy.
Departing employees were compensated using an N+6 plan, resulting in severance packages equivalent to 8 to 12 months of wages.
The decision stemmed primarily from the group's financial forecast, which suggested that the crisis could last 2 to 3 years.
This was even worse than the previous worst-case scenario.
If the loss-making stores weren't shut down promptly, it was doubtful they could even weather $20 billion in losses.
A reluctant but necessary choice.
Many employees left in tears, not with complaints or venting grievances.
